Tag: buyout

Brett Lebda

Predators finally buy out Brett Lebda

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Brett Lebda’s very short-lived days as a Nashville Predator are over. According to James Mirtle of The Globe And Mail, the Predators have bought out the recently acquired blue liner.

Lebda was acquired from the Toronto Maple Leafs in a deal that saw Nashville send defenseman Cody Franson and concussed forward Matt Lombardi to Toronto in exchange for Lebda and Robert Slaney. The deal was a cost-cutting move for Nashville as they were unsure if Lombardi would be able to come back this season while he recovers from a concussion suffered early last season. As it turns out, he’s making progress and could very well play this seasons.

Lebda was due to make $1.45 million this year and compete for a spot in the top six of the Predators defensive unit but will instead be dead weight against their cap the next two seasons as two-thirds of his $1.45 million will be paid out over that time. After a miserable season in Toronto, Lebda proved to be one of Leafs GM Brian Burke’s more questionable signings, but that bad signing has instead turned into at least one quality defenseman in Franson and a potential top-six forward (when healthy) in Lombardi. It was a good deal alone with Franson but if Lombardi comes back to play, it’s a robbery by Burke on Predators GM David Poile.

Report: Predators put Brett Lebda on unconditional waivers; Buyout coming… Or not?

Brett Lebda

When the Predators swung a deal with the Maple Leafs that sent Cody Franson and Matt Lombardi to Toronto in exchange for Brett Lebda and Robert Slaney, the deal was already being hailed as a big winner for Toronto. For Leafs fans, getting rid of Lebda was a big enough win but getting the young Franson in return to play defense and to get Lombardi, who is recovering from a wicked concussion suffered last season and progressing well in doing so, it’s made the deal all the better for them.

For Nashville, Lebda was set to be a depth defenseman for them but now, it appears he’s about to be out of a job. Sportsnet’s Nick Kypreos reported that Lebda will be put on unconditional waivers by the Predators and will likely turn into a buyout candidate for the team. The question here for the Predators is whether they can buy out Lebda at all. Dirk Hoag at On The Forecheck digs into the NHL legalese to see if GM David Poile can help rid themselves of Lebda without breaking the rules of the NHL.

But what confuses me is how the Predators can actually buy him out, given Section 11.18 of the CBA (emphasis mine):

11.18 Ordinary Course Buy-Outs Outside the Regular Period. Clubs shall have the right to exercise Ordinary Course Buy-Outs outside the regular period for Ordinary Course Buy-Outs in accordance with Paragraph 13(c)(ii) of the SPC. Each Club shall be limited to no more than three (3) such buyouts over the term of this Agreement pursuant to Paragraph 13(c)(ii) of the SPC. However, in the event that a Club has only one salary arbitration hearing pursuant to Section 12.3(a) in a given League Year, such Club shall not be entitled to exercise such a buyout outside the regular period for Ordinary Course Buy-Outs. No Club shall exercise an Ordinary Course Buy-out outside the regular period for any Player earning less than $1 million.

The “regular period” referred to is the window from June 15 through June 30 when players (such as J.P. Dumont this year) can be bought out of their contract. Since the Preds only had one salary arbitration hearing that falls under Section 12.3(a) this summer (you may have heard of it recently), it would appear that they’re not allowed a buyout at this point in time.

Well this is a bit of a sticky issue if this is indeed in the plans of the Predators to ensure that Lebda is not on the team next season. With Lebda due $1.45 million next season, his buy out wouldn’t be an expensive one and would only hang on the Predators cap for this year and next at a cheap rate. if the Predators aren’t allowed to buy out Lebda, this is just a really awkward way of telling him that he’s not going to be playing in Nashville anyhow. That said, Buying out Lebda would also ensure that the Predators blue line corps is really, really young.

With Lebda out of the mix and Francis Bouillon still dealing with concussion problems of his own, the Predators will have to go with young star and 2009 first round pick Ryan Ellis as well as a mix of guys like Roman Josi, Teemu Laakso, Mattias Ekholm, and recently signed Tyler Sloan from Washington. Mixing those guys in with veterans like Ryan Suter, Shea Weber, Kevin Klein, and Jonathon Blum that would leave two starting spots to fight for with Lebda gone. The Predators are big on home grown players, but even going with a defensive unit like this would seem like a big risk.

Then again, if this is their plan, the best abilities of coach Barry Trotz will be pushed to the limit.

Devils waive Trent Hunter and Colin White; Buyouts on the way

Colin White

Last year the Devils had a major issue keeping a full roster under the salary cap and while they did the best they could, there wasn’t a lot of flexibility for them. This summer, things have changed. The Devils traded away Brian Rolston in favor of Trent Hunter from the Islanders and with Rolston’s brutal contract off the books, GM Lou Lamoriello isn’t stopping there with helping lower the Devils’ cap hit.

New Jersey is waiving both the newly acquired Hunter and defenseman Colin White with the purpose of buying them out. Hunter is due to make $2 million against the cap this season and next season while White has a $3 million cap hit this season. Should both players clear waivers tomorrow at noon, the Devils will be cashing out their contracts and making them unrestricted free agents.

While buyouts are a last resort for cost cutting, the Devils are set to free up a good chunk of change with these moves as Tom Gulitti of Fire & Ice points out.

For White, the buyout would be $2 million with the cap hit spread over two years—or $1 million per year. For Hunter, the buyout price would $2,666,667 with the cap hit spread over four seasons—or $666,667 per season.

In total, the Devils would save $3,333,333 in cap space in the 2011-12 season. They already have approximately $2.5 million in cap space (depending upon which players are on the roster).

With the Devils freeing up that sort of space, they’ll have the sort of room for adjustment that they didn’t have last year when juggling Ilya Kovalchuk’s new contract along with other poorly financed deals on their books. Paying out dead cap space of nearly $2 million this year sure beats having anywhere from $5 million to $7 million in awful contracts with players that may or may not be living up to their amount.

What the Devils will do with that added cap space is up to the mad genius himself, Lamoriello. The likely action here is to work on getting Zach Parise’s long-term extension hammered out. Parise signed a one-year deal last week after being unable to come to an agreement on a long term one and did so to avoid going to arbitration. With the added savings in the long run from getting rid of White, Hunter, and Rolston’s deals, Lamoriello can how move a little easier towards getting Parise locked up for a long time in New Jersey.

With White’s departure from the Devils, that leaves just Martin Brodeur and Patrik Elias from the last Devils Stanley Cup team in 2003. No one else on the roster has won the Cup elsewhere. If the Devils had more of a reason to be hungry to win after they did so poorly last year, having long-standing former Cup winners departing from the team and growing older still should serve as motivation to get the rest of the team going. With the soon-to-be-had salary cap freedom, the Devils can now better make the moves needed to get them back on top of the NHL.

Predators sign defenseman Tyler Sloan, prepare for possible arbitration with Weber

Washington Capitals v Pittsburgh Penguins
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The Nashville Predators made a minor move on Thursday by signing former Capitals defenseman Tyler Sloan to a one-year deal. Sloan became an unrestricted free agent this summer after the Capitals bought-out the remaining year on his contract that was scheduled to pay him $700,000 this season. Last season, Sloan had a goal and five assists in 33 NHL games as he split time between the Washington Capitals, Hershey Bears, and the press box.

The move gives the Predators more depth on the blueline as they work to resolve a few question marks. General Manager David Poile has already announced that the team plans on auditioning a few of their highly-touted defensive prospects for third-pairing roles behind the likes of Ryan Suter, Shea Weber, Jonathan Blum, Kevin Klein, and/or Brett Lebda. Adding more intrigue to the corps of defensemen—and possibly causing the Predators to sign Sloan for insurance purposes is that Francis Bouillon experienced another setback in his recovery for last season’s concussion. GM Poile explained:

“Things were looking very good. He was exercising at a very high level and his confidence to be ready for training camp was very good. Then he had these headaches. So our medical staff has recommended he back off his workouts.”

Sloan would bring in more depth for a team that is already planning on breaking in a few youngsters into the line-up. Only time will tell if Sloan is comfortable in the role though. It was reported that the Capitals bought Sloan out of his contract because he asked for a trade in order to get more playing time. Here’s what Jeff Helperl (Sloan’s agent) had to say after the Caps parted ways with his client:

“He wanted to get to a spot that he could play. He was always used as a seventh or eighth defenseman.”

Unless he plans on playing more time as a forward or the NHL allows teams to dress eight defensemen on a nightly-basis, there’s a very good chance he’ll wind up in the press box just as often as he did in Washington.

More importantly for the Predators and their fans, the team continues to work towards a deal with their superstar captain Shea Weber. If the two sides are unable to come to an amicable decision on their own, Weber’s arbitration hearing is set for Tuesday, August 2nd. If they can’t work something out before the hearing, an independent arbitrator will rule on Weber’s worth and the team will agree to any of the terms handed down. Realistically, the Predators will sign Weber no matter how expensive the terms would be next week—they’d just like to bring him back at the most cost-effective price. GM Poile talked about their plans over the next few days:

“We are preparing to go to Toronto (for arbitration). Would I like to sign Shea to a longer-term contract vs. going to arbitration? Absolutely.”

Of course Poile would like to sign Weber before arbitration. In other news, the sky is blue and the sun is bright. Bringing in Tyler Sloan for depth purposes will have no affect whatsoever on the Weber negotiations. However, one has to wonder just how bad Bouillon’s concussion really is. After looking like he was going to hit training camp in great condition, now there are questions whether he’ll be healthy enough to start camp on time with his teammates on September 15.

One thing we know is Tyler Sloan will be there—and a much wealthy Shea Weber.

Chris Drury accepts buyout from New York Rangers and will become free agent

Chris Drury

The Chris Drury era in New York is over.

After speculation that’s been raging for the last month or so saying the Rangers would buy out the team captain, the hammer fell today as the Rangers will end their relationship with Drury and buy him out of the final year of his contract. While Drury had the option to not go waivers thanks to his no-movement clause, he chose to accept the buyout from the team and look to play elsewhere next season.

Larry Brooks of the New York Post broke the news today and got the scoop from Drury himself.

“It was a great honor and privilege to be a New York Ranger for the past four years, and I will always be grateful for the opportunity to fulfill that childhood dream,” Drury said in a statement that was sent to The Post by e-mail. “The Rangers are a first-class organization with great people in the hockey, public relations, team services and community relations departments.

“I would also like to thank Ranger fans. They always inspired me to do the best I could in whatever role I was asked to play. Playing before them in the Garden was a thrill of a lifetime. I wish all the fans and the entire Ranger organization the best of luck in the future.”

Forever the classy player, Drury goes out with the Rangers after what proved to be a productive but still disappointing career in Manhattan. While Drury’s role with the team after signing in New York as a free agent from Buffalo was clear as a solid penalty killer and leader, the contract he was given that paid him $35 million over five years put expectations on him to be a first line scorer and player to eventually raise the Stanley Cup again in New York.

That never happened however as Drury’s role as a playmaker without Daniel Briere at his side like he had in Buffalo and instead making due with a disinterested Jaromir Jagr and eventually Marian Gaborik proved to not work out at all. Drury joined New York along with Scott Gomez for virtually identical deals and neither player worked out very well and while Drury was mostly appreciated in New York, he still didn’t meet their expectations. Injuries put a major damper in his season this year as he battled a broken finger and a knee injury to play in just 24 games this year as well as all five games in the playoffs.

With Drury bought out now, GM Glen Sather will have over $3 million in dead cap space to deal with this year and nearly $2 million in dead space next season thanks to the NHL CBA buyout rules that say the cap hit is 2/3’s of the amount spread out over twice the length of the deal remaining. With just one year left on Drury’s contract, it pays out quietly over this season and next. The Rangers will have to get deals done with restricted free agents Ryan Callahan and Brandon Dubinsky still but they’re in need of a top line playmaker and are going to be hot after Brad Richards.

If nothing else, how things played out with Drury should be a reminder to Sather and to the Dolan family that owns the Rangers that sometimes the big fish on the market doesn’t always get you the ultimate prize you’re looking for. While the Drury signing happened back in the summer of 2007, it’s one that should sit fresh in their minds as they wade into a free agent market with one big 31 year-old prize out there.